The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Asia: Byambasaikhan offers Mongolia a fresh exchange of ideas

Rich in resources, Mongolia has yet to find a way to mine them in such a way to enable the country to throw off its communist legacy. There are high hopes the new head of the state investment bank may be the man for the job.

Bayanjargal Byambasaikhan-600
Bloomberg

Bayanjargal Byambasaikhan, CEO of state-owned investment house Erdenes Mongol



In doing the rounds of Ulaanbaatar, it doesn’t take long to encounter someone who used to work at the Mongolian Stock Exchange.

Former MSE staff seem to be deposited most everywhere across the narrow universe that is Corporate Mongolia; at its handful of banks, its few private equity firms, the central bank and the state-owned mining houses.

With five chief executives and myriad board members since 2010, the MSE is virtually a local version of LinkedIn, a transit lounge of talent.

But the decidedly-sleepy MSE, housed on Ulaanbaatar’s Chinggis Khan Square in a pink, neoclassical confection locals know better as their former Children’s Theatre, is no Insead-sur-tundra. Rather, the headcount passing through its doors speaks to how capital markets have struggled to develop here, 25 years after Mongolia threw off communism to embrace market economics.

The much-anticipated transformation of this vast and resource-rich nation from frozen backwater into the ‘Qatar-of-the Steppe’ has not quite eventuated as its early boosters had imagined. After a succession of false starts, the big mining deals that could have catapulted Mongolia into the wealthier heights of Asia’s development story simply haven’t happened, victims of populist nationalism, haphazard policy and, more recently, wrong-way commodity prices.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree